Fidelity Dynamic Buffered Equity ETF is an actively managed exchange-traded fund sponsored by Fidelity Investments that seeks capital appreciation through a diversified U.S. and foreign equity portfolio combined with an options-based defensive collar overlay. The fund was launched in April 2024, is headquartered at 245 Summer Street, Boston, Massachusetts, and trades on the Cboe BZX Exchange under ticker FBUF. It normally invests at least 80% of assets in equity securities, including common stocks, preferred stocks, convertible securities, rights, warrants, hybrid securities and trust preferred securities, and it uses quantitative analysis to select companies with market capitalizations generally similar to those in the S&P 500 Index or Russell 1000 Index. The strategy employs index put options and written call options to help offset downside risk while generating income to partially finance that protection, and it may also lend securities to earn additional income. As of the latest fund materials, the portfolio is broadly diversified across large-cap U.S. equities with holdings in companies such as NVIDIA, Apple, Microsoft, Amazon, Alphabet, Broadcom, Meta Platforms, Berkshire Hathaway and JPMorgan Chase. Recent changes include Fidelity’s April 2024 launch of FBUF as one of three actively managed liquid alternatives ETFs, the fund’s updated summary prospectus dated May 30, 2025, and a December 11, 2025 policy update extending derivative instruments into the fund’s 80% investment policy. The fund is managed by Fidelity Diversifying Solutions LLC, with co-portfolio managers Eric Granat, Anna Lester, George Liu and Shashi Naik overseeing the strategy.